The Long Island Rail Road’s lost-and-found at Penn Station is a train wreck where many of the items that are turned in mysteriously vanish, according to an MTA probe.

The transit authority’s inspector general started looking into problems there after one commuter reported that his lost wallet had vanished from the facility after being turned in by someone who found it. When the owner finally got it back, $200 in gift cards were gone.

“A rider who loses something of value, whether monetary or sentimental, has the right to expect that if the property is turned in to the Lost and Found Office, the office will safeguard and return it,” said Inspector General Barry Kluger.

The IG conducted its probe by looking for 20 found items that should have been on the office shelves. Eight of the items had gone missing. The commuter rail’s Lost and Found Office deals with more than 15,000 recovered items annually.

The study also found that, while the door to the office is locked, there is no other security and no video surveillance, meaning that practically anyone can get in there and take whatever they want without being discovered.

LIRR riders say they don’t trust the railroad to return their belongings. Carol Poppo, 51, of Bellmore, said she was told that her lost $350 pair of Ann Taylor shoes were at the lost-and-found, but when she went to claim them, they could not be located.

“I loved them and I told them exactly where they were,” said Poppo. “They said it would take a week before they could find anything . . . It’s been a month now and I’m giving up.”

LIRR officials said they have already started changing some aspects of how they operate, including creating a sign-in sheet for workers and installing a locked cabinet for pricey items. The agency is also working on a budget to install video cameras.

“In the case of the IG’s review of our lost-and-found, we found his analysis and list of recommendations extremely valuable,” said spokesman Aaron Donovan.

Kluger said: “While I am encouraged that LIRR has accepted our recommendations and has begun to implement them, we will continue to monitor its progress toward that goal.”